Specifications include, but are not limited to: A. City will select up to a maximum of ten licensed real estate brokers to list City properties for sale. City staff will select the properties to be listed by each broker. B. There is no defined minimum or maximum number of properties that will be listed by each broker. Listings will be assigned by City staff in a way that best meets the needs of the City (i.e. turnaround time for sale of properties, responsiveness to DCD staff, etc.) C. The City will prepare a scope of required repairs for each property. For 30-days prior to a property being referred for a Broker listing under an RLC, properties will be listed by the City of Milwaukee for owner occupants and eligible buyers under the 500+ program (see Milwaukee.gov/500). City staff will handle the marketing during the first 30 days. Referrals to Brokers under RLCs for listing may include restrictions on who properties may be sold to, such as owner occupants or other restrictions. Those restrictions may expire at some point during the listing, which may vary from property to property. During the listing period, the City may request the property be discontinued from marketing. D. Listing brokers will be required to monitor the properties every two (2) weeks and submit condition reports to DCD staff. Monitoring is to include, but not be limited to, walking around the exterior of each property and reporting conditions. Broker partners must enter the inside of the property every other inspection and report changes in condition. When a listing broker reports the need for repairs or maintenance work, City staff will arrange the work using City contractors. E. Commission: Broker’s commission shall be the greater of $2,000 or 6% of the accepted purchase price; unless the Buyer is buying the property as part of a City DCD reduced-price program, for a purchase price of $1 or $3,000, in which case the Broker’s commission shall be $500 and the Offer shall provide that the commission be paid by the Buyer.
